Can You Make Money With Solar Panels in Nevada?

Solar panels provide a clean, renewable source of energy for powering homes and businesses. While the initial investment may cause some to shy away from the opportunity, recouping one’s money is helped by the prospect of selling energy back to the grid.

Nevada’s residents already pay less for electricity than most homeowners in the country, so many wonder if solar panels are worth the investment. Can you make money with solar panels on your home in Nevada? Let’s find out.

How Much Money Can You Save With Solar Panels in Nevada?

Solar panels reduce electricity costs and help you save money. Once a system has been installed, the power generated by the panels is essentially “free” because it doesn’t cost anything to produce. The more solar power your home uses, the less you spend on expensive grid power. If panels generate more energy than a household can use in a month, the utility company issues credits on the bill for the excess energy at the retail energy rate. While this doesn’t translate to cold hard cash, it does mean a homeowner can save a significant amount on monthly electricity.  

Because credits can be used to offset the cost of energy in future months, customers can find themselves paying very little for their electricity bills. For the average Nevada resident, this means a potential savings of about $1,909 per year. This can help homeowners recoup the upfront installment costs quicker when they purchase their panels.

Extra Measures for Saving Even More With Solar Panels

The amount of money you can save with solar panels depends on your typical energy use and the cost of utilities in your area. With a long-term strategy and a few tips, you can maximize your solar investment and reduce your monthly electricity bills.

Utilize Net Metering

The Nevada Net Metering policy governs the production and usage of solar and wind energy in private homes within the state. The policy generates customers’ utility bills based on their net electricity usage. The more electricity your solar panels produce, the more energy you can sell back to the grid.

Maximize Your Time of Use

Avoid using electricity during peak hours, which generally fall between 2-6 p.m. Nevada offers time-of-use pricing, which can help you save money when you use energy-intensive appliances during non-peak times.

Add a Storage Battery

Battery storage holds any extra electricity your solar panels produce. If panels lack electricity, battery reserves can be used instead of consuming power from the utility grid. 

Practice Energy Conservation Measures

Being mindful about the energy you use can be a simple way of making the most of your solar panel energy. Turning off lights when you leave the room, keeping your thermostat at a lower temperature at night and replacing old appliances with newer, more efficient ones are all great ways to start.

Find Solar Solutions for Your Home in Nevada With Solar Optimum

While you won’t make cash from installing solar panels, you can save lots of money by making this energy switch. Solar Optimum wants to help Clark County and Greater Las Vegas area customers save money by becoming 100% energy grid independent. Contact us today to learn how solar panels can help you reach your energy goals.